A leading construction consultant has warned that Scotland's business community must embrace and promote the new Scottish Futures Trust (SFT) or risk undermining the public infrastructure investment market.

Dr Alister Coutts, head of public sector with property and construction consultants RLF, says the failure to adopt the new scheme will result in the delay and cancellation of billions of pounds of much-needed new infrastructure.

His warning comes just over a month after the Scottish Government unveiled details of the new Scottish Futures Trust funding model.

The new financing model has been developed as an alternative to the much-maligned Private Finance Initiatives, and seeks to save up to £150m per year through more efficient borrowing processes.

However, the proposed new model has been heavily criticised as being untried, untested and unworkable.

The Scottish Building Federation has also voiced its concerns, saying the targets set by the Scottish Government for Scottish Futures Trust projects are unrealistic.

Federation chief executive Michael Levack says his organisation is worried that the terms of the SNP's proposals are still too vague and as such could lead to delays in projects getting underway.

He said: "The worry we have is that the Scottish Futures Trust could get bogged down in bureaucracy, and as such much-needed infrastructure projects will be delayed as a result.

"We really need the Scottish government to move forward with the development of the Scottish Futures Trust so that projects already identified go ahead as scheduled."

Dr Coutts, who was previously director of property and architectural services with Highland Council, says the new model is commendable and offers an innovative, long-term solution for procuring high quality infrastructure that delivers value to the taxpayer.

He said: "A wide range of myths have sprung up around the new Scottish Futures Trust that has clouded understanding of how the model will work. It has also led to uncertainty as to the final shape of the model, and added to concerns that major projects, such as new schools, roads and railways, could be considerably delayed.

"It is vital that the business community gets behind the new model and helps build confidence and activity."

He added: "During the years of PFI, Scotland had accrued enormous expertise and experience in the procurement, financing and management of major projects.

"This expertise has since been allowed to wither on the vine and many of the professionals have either left Scotland, or are selling their expertise to overseas countries keen to use the PFI procurement model.

"The new Scottish Futures Trust is here to stay, and the business community has a key role to play, and a duty to make it as successful as PFI."

The Cabinet Secretary for Finance and Sustainable Growth, John Swinney, launched the Scottish Futures Trust at the end of lastyear in an effort to phase out controversial Public-Private Partnership (PPP) agreements. At the time of the launch, Mr Swinney said: "Efficient investment in Scotland's infrastructure is needed to create a more successful country, through increasing sustainable economic growth."

However, during a Parliament Finance Committee hearing held in May, Mr Swinney was forced to admit that SFT would maintain some of the private investment principles evident in current PFI agreements.

He said: "Because we recognise the critical contribution that infrastructure investment makes to economic growth, we have raised public funding for direct public sector investment over the spending review 2007 period to its highest ever level. Under our plans, there will be investment of £14billion over the next three years, and of a projected £35bn over the next 10 years."

Last week, Mr Swinney said an Audit Scotland review of major capital projects in Scotland vindicates the Scottish Government's decision to establish the Scottish Futures Trust.

He said: "The Audit Scotland report is based on a timely review of projects started under the previous administration. We welcome the useful contribution it makes to the important issue of the planning and delivery of infrastructure investment and we will study it closely."